FCA ban and £2m fine upheld against 'worst' British Steel adviser

Reynolds was found to have acted dishonestly when advising customers, many of them members of the British Steel Pension Scheme (BSPS), causing widespread and significant financial harm. The tribunal agreed with the FCA that his behaviour showed a clear disregard for clients' interests and a lack of integrity. The case centred on Reynolds encouraging BSPS members to transfer out of their defined benefit pensions despite knowing the advice was wholly unsuitable. He also recommended high-risk and inappropriate investments, while concealing high exit fees and, in some instances, forging d...